US Justice Department Seized $500k in Fiat and Crypto From North Korean Government-backed Hackers

July 20, 2022

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US Justice Department Seized $500k in Fiat and Crypto From North Korean Government-backed Hackers

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In a speech delivered by U.S. Deputy Attorney General, Lisa Monaco at Fordham University in New York on Tuesday, the Justice Department has seized $500,000 in ransom payments and crypto from North Korean hackers.

According to US officials, the hackers possibly extorted the funds from the United States-based health care organizations or used the money to launder ransom payments.

Last year, the North Korean cyberpunks targeted medical providers in Colorado and Kansas, encrypting computer systems that operated key equipment, Monaco said. The incidents came to the attention of U.S. officials when they’re reported by an unnamed medical provider in Kansas to the FBI.

The complaint from Kansas assisted the FBI to identify a new type of ransomware used by the hackers and allowed the bureau to seize ransom payments and cryptocurrencies from China-based money launderers hired by the North Koreans, according to Monaco. She however compelled other organizations and companies in the U.S. to note similar incidents to the FBI.

The seizures were aided by investments that the FBI, Secret Service and Treasury Department have made in tracking crypto payments to cybercriminal groups, according to Monaco.

Earlier this year, the FBI assembled a new task force of cryptocurrency experts that focuses on blockchain analysis and digital money seizures.

Earlier reported by MyCryptoParadise In March, the U.S. government linked North Korean state-sponsored hacker Lazarus Group to a $625 million theft of cryptocurrency from the Ronin bridge linked to popular play-to-earn game Axie Infinity.

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